In the blockchain industry many users use ledger devices as cold wallets in order to increase the security of their digital assets. The main advantage is that for each operation it requires an authorization from the hardware device itself.
Should I restore my MultiversX Wallet on Ledger?
When you buy a brand new ledger device and you start using it, it gives you 24 keywords in order to recover your ledger wallet in case the unit you use gets damaged, you would then just need to buy a new device and restore using those words.
If you have a ledger device and you use it to connect to an MultiversX wallet it will generate a different wallet address than the one used ,for example, for staking. It is just like creating a new wallet.
If you have an amount of eGLD in staking and you want to use the same wallet that you have been using with the .json file, but with ledger, you can do so by restoring it following the guidelines explained below.
This will mean that you stop using your ledger for other things, so we recommend having a ledger just for this purpose. If you only have one device you could consider buying a second one to restore your MultiversX wallet. This is only worth doing if you have enough eGLD.
WARNING:
If you restore your MultiversX wallet on a ledger device that you have already been using, you won’t be able to easily access the other assets that you have stored in it. It is important that you use a ledger device that has not been used before or a new one.
Where to buy Ledger?
If you had never bought a Ledger device you can do so on their website, we recommend Ledger Nano S because it’s good value for money. Go to this link and follow the instructions to buy one: https://shop.ledger.com/products/ledger-nano-s
What do I need?
For this process you will need:
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A Ledger device available to reset.
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The 24 keyword list to restore your MultiversX wallet
Resetting a Ledger Device
In case you are thinking of recycling a ledger device we are not currently using, you must reset it so you can perform the process as if it was brand new.
In order to reset it on your Ledger device go to “Settings”, “Security” and select “Reset All”. It will ask for a confirmation. Remember that by doing this you would stop having access to the wallets associated with that Ledger device.
Restore keywords on a Ledger device
Restoring Ledger from the 24 word MultiversX Phrase is a very easy process. With a new ledger, or a just reset one, in the welcome menu choose the option restore from 24 seed words.
More detailed info here:
https://support.ledger.com/hc/en-us/articles/360005434914-Restore-from-recovery-phrase
Installing Ledger Live
In order to update the firmware and install the MultiversX app on the Ledger device you will need to install on your computer the Ledger Live software. Follow the instructions in the following link:
https://support.ledger.com/hc/en-us/articles/360006395553
After downloading and installing the software, you will need to create a password for the Ledger Live program.
Update firmware
The first thing you must do is connect your Ledger device to the computer and got to the “Settings” section on Ledger Live. The software will ask for authorization in order to grant access from the Ledger device so the Ledger App can run
There is a section on the top labeled “update firmware”. Follow the instructions on the screen to finish updating the device.
Installing the MultiversX App
Once you have updated the Ledger device, you can now install the MultiversX app by searching for “multiversx” on the app list.
Locate the app , press “Install” and follow the instructions.
Congratulations, now you have restored your ledger device with the 24 keywords of your MultiversX wallet using the latest version of the app.
Use in the Wallet Web
Connect your device to the computer, enter your pin in the ledger device and open the MultiversX app. Now you just need to open the MultiversX web wallet link below:
https://wallet.multiversx.com/
On the Home screen of the wallet you will be given several options to open your wallet, select Ledger. You will see device authorization Windows or MAC messages, give it time. Once this process is over and is confirmed it will open the wallet. MultiversX will ask you to authorize the Ledger device to access your wallet, so you can transfer eGLD or sign a Smart Contract.
Hope you enjoy your new eGLD Cold Wallet!
ADVANCED USER TIP
Once you have your ledger working on MultiversX network you can add other apps from Ledger Live, such as BTC or ETH. They will work perfectly, however you will need a new address because you have restored the ledger using your 24 MultiversX wallet seed words. Hope you enjoyed this guide and followed all steps successfully
USEFUL LINKS:
MultiversX Web: https://multiversx.com
MultiversX Wallet: https://wallet.multiversx.com
MultiversX Telegram Community: https://t.me/MultiversX